WINNIPEG, August 13 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Canadian Prime Minister Justin Trudeau is expected to ask Governor General Mary Simon on Sunday to dissolve Parliament, causing an election, sources have told Reuters. If the campaign starts on Sunday, it would be the minimum 36 days in length with Election Day on Sept. 20. In 2019, Trudeau’s Liberal Party was reduced from a majority to a minority government, but lower polling numbers for the Official Opposition Conservatives may have convinced Trudeau to call an election to regain the majority of seats in the House of Commons. Both Conservative leader Erin O’Toole and New Democratic Party leader Jagmeet Singh are against the snap election, but have been on so-called “election mode” for weeks.
– The board for United States-based railway Kansas City Southern (KCS) has rejected a US$27 billion takeover bid from Canadian Pacific Railway (CP Rail) on Friday and will instead wait for regulatory approval to approve a rival US$30 billion bid from Canadian National Railway (CN Rail). The U.S. Surface Transportation Board (STB) previously said it will make a decision by Aug. 31 whether to approve CP Rail’s bid and KCS said it will delay its shareholder vote if the STB hasn’t made a decision by Tuesday.
– The U.S. Labor Department reported on Friday that import prices increased by 0.3 per cent in July after rising 1.1 per cent in June. The increase in July was higher than the 0.6 per cent many economists were predicting and it may be signs that both supply bottlenecks and inflation pressures are starting to come down.